What defines Great Terms? 

I would definately recommend getting a home with an additional unit.

@Quentin Brown  I think you need to define if you're flipping or renting, as they're two different business and taxed differently. 

That is entirely possible.And the loan that you can QUALIFY for will determine the best course of action here.Generally speaking, there are 2 main loan types for investors:  "Conventional" and "Portfolio"Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

In my city the rules around smoke detectors are insanely complicated and based on such things as the date of the last "major" renovation (defined by the type of permit that was pulled) and the date of the last sale of the property.

@Andy Mercer you should start by defining your goals and why you want to have investment property.

Any failure by the lessee to comply therewith shall be a default under the lease(d) any owner who leases his or her lot shall within ten (10) days after the execution of such lease, forward a copy of the same to the Association or the Association's Managing Agent(e) no owner may lease his or her lot for a term shorter than one month, or in a manner that allows different occupants to occupy the lot for transient or hotel purposesThey also go on to define transient and hotel purposes as "AirBnB, Vacation Rental by Owner, employee housing,"[etc.] and then state at the bottom that:"Any 'Lease" or act of 'Leasing,' for the purposes of these rules, is defined as regular, exclusive occupancy of a lot by any person other than the Owner; provided, however, that the leasing shall not include the occupancy of the lot by the child or parent of an owner.

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

I recommend you start to narrow your focus and define your target.

Sounds like you need to really hammer out your articles of organization and define your roles before buying any more properties.